Merchants have endured a great deal of struggle lately, notably during the COVID-19 pandemic. Many businesses were forced to cut back on hours, lay off workers, or even close their doors entirely. As a result, folks have realized the significance of technology in their businesses. The merchant services industry is no exception. Due to their importance, Independent Sales Organizations or ISO agents are now essential.
You may be surprised to learn that only 20% of merchant accounts are opened by banks, while ISOs open the remaining 80%. If current e-commerce trends continue, ISOs will continue to play a key role in opening merchant accounts to even more enterprises.
Which is to say, this is the best time to have a merchant services business.
In this article, we’ll give you tips to market your ISO so you can take advantage of the growing market. Let’s get started.
How to Market Your Merchant Services Business
Whether you’re just starting as an ISO agent or have been in the industry for a while, there are various things you can do to improve your chances of success. Here are some pointers to help you flourish at ISO sales and expand your merchant services company:
Focus on Offering Excellent Services
Every business owner values support. If they are going to be committed to your solution, they will want to know that you will be available to assist them when they require it. Be prepared to make that commitment and follow through on it.
Concentrate on developing trusting and long-lasting relationships. They may not pay off right away, but you never know what will happen if you continue to develop and strengthen the relationships you build.
Define Your Target Market
This is probably one of the toughest points to achieve. When marketing online or through other types of paid marketing, you must be very detailed and strategic about your target market. A good rule of thumb for a typical salesperson is that their target market must have between 500 and 1,000 prospective clients. You may eventually have the resources to pursue three or four target markets of this magnitude, however, your best results will come from segmenting your market and targeting each segment separately.
Create a Daily Schedule and Stick to It
Every independent sales agent chooses their own hours. And you should do likewise. This means you must find techniques to keep yourself focused, on track, and resourceful. To make the most of your time, try to plan out each hour of your day.
You might want to spend an hour or two working by yourself in the morning, then meet with a new client before lunch, and then follow up with existing customers in mid-afternoon. Stick with your daily regimen after you’ve found one that works for you and produces results. This is why setting up a daily calendar alert is essential. This will remind you to transition between projects and create daily sales quotas to keep you motivated.
Social Media is Your Friend
Social media is an effective sales tool for a variety of reasons. It is not only free and simple to use, but it is also an important resource for research, outreach, and prospecting. LinkedIn is the perfect place to experiment with social selling because your target audiences are merchants. To establish yourself as an ISO agent, interact with real-life connections and local businesses, comment on public posts, and share relevant content. You should also join relevant LinkedIn groups and engage in the discussions. This is a simple approach to get your brand out there, boost your industry reputation, and engage with potential leads.
Take Advantage of Your Existing Network and Ask for Referrals
Your family, friends, and local business owners can be powerful allies. Make sure they understand what you have to offer and that you are continuously looking for new business prospects. Although it may appear straightforward, some ISO agents underestimate the potential advantage of using their current network. Engage with small business owners whose establishments you frequent, be generous with handing business cards to people, and be ready to explain the benefits of your offering if a possible lead appears right out of the blue.
Furthermore, once you have a few clients on your list, you should keep in touch with them on a regular basis to build great relationships. Say a quick hello, stop by their store, give them a quick call, or send a brief email. Another reason to follow up is to see if they have any contacts who could benefit from your merchant services. One referral might lead to a successful, long-term relationship for both you and the client, as well as other referrals in the future.
Find Your Decision Point
When you first introduce your service to a prospective client, you don’t want to bully them into registering an account immediately. Rather, you’re hoping to convince them to reconsider their opinion about payment processing. Brute force is not the way to go here.
One of the biggest obstacles to ISO sales is that so many merchants are not actively seeking to switch providers. Hence, it is extremely important to plant the seed that ignites that thought process. Discuss the significance of finding the right way to tackle their payment processing needs. However, don’t start your pitch until you’re confident they’re open to listening to you about your merchant services. Otherwise, your efforts will go to waste.
Make Sure the Odds Are in Your Favor
If you’re having trouble making sales or are in a slump, don’t let rejections get to you and make you doubt yourself. The merchant services market is no doubt competitive and finding suitable connections can be difficult. However, the more you use your network and perform cold outreach, the longer your list of connections will be – and the greater your odds of success. So, don’t be discouraged. ISO sales are all about the number at the end of the day. So, if someone declines your offer, move on to the next person on your list.
The most effective method to excel at something is to take advantage of all the tools available to you. Be it using social media, your own existing network, or just offering great services, you can grow a lot by the way you market yourself. Hell, walk into each target business in your industry and ask for an email address so that they can have free access to your tailored content. Don’t be afraid to put yourself out there. If you’re seeking a competitive advantage, you have to put in the work.